Benetti Superyacht Lalibela Damaged Extensively in Major Fire: A major fire has severely damaged the 42-meter superyacht Lalibela as she was moored in Vallauris Harbor near Cannes, France. According to local reports, the vessel caught fire around 3 a.m. last Saturday and burned throughout the night.

Two workers were on board when the fire started but reportedly were able to escape uninjured. Two firefighters, however, were injured while fighting the blaze and suffered ringing in the ears following an explosion. The top decks of the yacht sustained the heaviest damage.

Lalibela remained berthed during the incident while neighboring yachts were moved to safety. Local fire crews deployed floating pollution booms into the harbor while trying to extinguish the flames. Investigation of the fire remains ongoing.

Italian shipyard Benetti built Lalibela in 1972; she was refitted in 2013 and could accommodate 12 guests over six cabins and 10 crewmembers. She had a top speed of 15 knots and a maximum cruising range of 3,500 nautical miles at 13.5 knots. Lalibela was available for Mediterranean charter starting at €75,000 per week, plus expenses. She was also available for corporate events.

In light of recent movements within the insurance market, the fire on board Lalibela will likely add credence to the upward market trend of insurance premiums that have doubled, and in some cases tripled over recent months.